Wolib stands for: Waste of life inconsiderate bastard. Refers to people who generally show no consideration for others and have not provided a future for themselves in anyway. They are likely to die before the age of 35 and often originate from the New Jersey area.

Pronounced as wol-i-b.
Other spellings include: Woliby

Damn we can't get coffee anymore from the kitchen since some fucking wolib broke the pot.